House prices continue to rise, says Nationwide
Posted: 01.12.09 at 11:17 AM
UK house prices have risen for the seventh consecutive month, helped by better-than-expected news from the job market, the Nationwide has said.
The building society said that the average home increased in value by 0.5% in November compared with October and now costs £162,764. The typical home was 2.7% more expensive than a year ago, at a similar level to prices in early 2006. Separate figures show that mortgage lenders' deposit demands are easing.
Nationwide said that the three-month on three-month rate of increase had slowed from 3.5% in October to 2.8% in November This measure is generally seen as a truer picture of the market as it cuts out any short-term volatility. "This suggests that house prices are now rising at a more moderate pace than in the spring and summer months, when they experienced a very strong bounce from the early 2009 lows," said Nationwide chief economist Martin Gahbauer